First batch of hotel rooms will be ready by August COME year-end, Marina Bay Sands will usher visitors in to at least half of the property's gross floor area. That was the assurance given for Singapore's first integrated resort, although Marina Bay Sands executives yesterday stopped short of revealing an opening date. The project is already three-quarters completed, they said, during a press tour for...
Singapore Integrated Resorts
Las Vegas Sands said Wednesday it is working "aggressively" to meet its target to open the Marina Bay Sands in Singapore by the end of the year. It said construction of the project's first hotel tower has reached its halfway mark, and the three 55-storey hotel towers may be "topped out" in July. President of Marina Bay Sands, Nigel Roberts said he is confident of delivering on all fronts. Singapore is...
Genting International is warning that its Sentosa integrated resort development could cost almost S$600m more than expected. Its total investment is expected to increase from S$6 billion to S$6.59 billion. And the firm warned that these hefty opening costs would have a "significant" impact on its earnings this year. Genting said that over the past year, changes have been made to the design and...
Singapore's Marina Bay Sands integrated resort will unveil details of plans for its retail space after the Chinese New Year in January next year. Recent reports said its parent company, Las Vegas Sands, is facing financial difficulties. But the Singapore firm remains confident about prospects for its retail business. The S$5.4-billion Marina Bay Sands project is still being built. When completed, it will...
Impact of any delay likely to be greater in luxury segment THE uncertainty surrounding the two integrated resorts projects — in particular, the Marina Bay Sands — is unsettling already fragile sentiment in the property market. After all, the prospects for economic benefits from the IRs have been positive for the market. But recent developments and positive announcements from the operators have eased...
The Singapore government said Wednesday it will not bail out the troubled US gaming firm Las Vegas Sands should it fail to fund the Marina Bay integrated resort. Senior Minister of State for Trade and Industry S Iswaran, speaking on the sidelines of an industry conference, said there has been no request from Sands for a bailout so far. Sands has been working to avoid defaulting on bank covenants and...
LAS Vegas Sands is to halt work on developments in Macau, where it earns two-thirds of its revenue, to focus on the US$4-billion ($6-billion) integrated resort project at Marina Bay, executives said. The casinos and resorts company run by billionaire Sheldon Adelson said it is managing to raise a further US$2.14 billion in capital following a third-quarter loss. The United States-based company expects...
Las Vegas Sands said Tuesday it has secured over US$2 billion in capital funding commitments to avoid violating loan agreements. President and Chief Operating Officer William Weidner said in a conference call that Sands expects to close the transaction by the end of the week. He continued to say that however, there will be some changes to Sands' overseas resort developments. It will stop construction...
SPECULATION that Singapore multinational property company CapitaLand could be part of a rescue effort for the Marina Bay Sands integrated resort project is being downplayed by the developer. A company statement yesterday clarified that “no discussion has transpired between itself and Sands”. CapitaLand nevertheless stated that it is currently monitoring and studying any opportunities arising from...
Property developer CapitaLand said it has not held any talks with Las Vegas Sands over the integrated resort at Marina Bay. The comment follows market talk that CapitaLand may step in to take a stake in the resort, given financial difficulties at Sands. In its statement, CapitaLand said it is watching the current global environment and studying opportunities related to distressed companies or assets in...